Cabot (NYSE:CBT) was upgraded by equities research analysts at TheStreet from a “c+” rating to a “b+” rating in a research report issued to clients and investors on Tuesday, August 7th.
Several other equities research analysts have also recently weighed in on CBT. Zacks Investment Research cut shares of Cabot from a “buy” rating to a “hold” rating in a research report on Monday, April 16th. Robert W. Baird reaffirmed a “hold” rating and issued a $67.00 price target on shares of Cabot in a research report on Tuesday, April 17th. Finally, Loop Capital set a $80.00 target price on shares of Cabot and gave the company a “buy” rating in a research report on Monday, April 23rd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $83.50.
NYSE:CBT traded down $0.03 during mid-day trading on Tuesday, hitting $64.92. 295,900 shares of the stock traded hands, compared to its average volume of 443,297. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 19.03, a PEG ratio of 1.45 and a beta of 1.34. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. Cabot has a 52 week low of $51.37 and a 52 week high of $68.63.
Cabot declared that its Board of Directors has initiated a share buyback plan on Monday, July 16th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy up to 10.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In other news, Director Patrick M. Prevost sold 40,519 shares of the stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $65.65, for a total value of $2,660,072.35. Following the sale, the director now owns 216,894 shares in the company, valued at $14,239,091.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sean D. Keohane sold 59,537 shares of the stock in a transaction on Tuesday, June 5th. The stock was sold at an average price of $62.99, for a total transaction of $3,750,235.63. Following the completion of the sale, the insider now owns 129,674 shares in the company, valued at approximately $8,168,165.26. The disclosure for this sale can be found here. Insiders have sold a total of 161,785 shares of company stock worth $10,430,139 in the last 90 days. 2.50% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in Cabot by 13.8% during the second quarter. Bank of New York Mellon Corp now owns 2,663,255 shares of the specialty chemicals company’s stock valued at $164,509,000 after purchasing an additional 322,998 shares in the last quarter. Pettee Investors Inc. lifted its holdings in Cabot by 12.0% during the second quarter. Pettee Investors Inc. now owns 16,932 shares of the specialty chemicals company’s stock valued at $1,046,000 after purchasing an additional 1,812 shares in the last quarter. Putnam Investments LLC purchased a new position in Cabot during the second quarter valued at $3,811,000. Millennium Management LLC lifted its holdings in Cabot by 141.9% during the second quarter. Millennium Management LLC now owns 488,719 shares of the specialty chemicals company’s stock valued at $30,188,000 after purchasing an additional 286,697 shares in the last quarter. Finally, Paloma Partners Management Co lifted its holdings in Cabot by 278.9% during the second quarter. Paloma Partners Management Co now owns 14,522 shares of the specialty chemicals company’s stock valued at $897,000 after purchasing an additional 10,689 shares in the last quarter. 85.55% of the stock is currently owned by hedge funds and other institutional investors.
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods.
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